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Altcoin Unlocks in May: How ENA, KAS & MOVE Could Shift Market Dynamics

Altcoin Unlocks in May: How ENA, KAS & MOVE Could Shift Market Dynamics
Altcoin Unlocks in May.

Summary
This week, three altcoins—Ethena (ENA), Kaspa (KAS), and Movement (MOVE)—are set to release large token unlocks that could meaningfully sway market sentiment and price action. Ethena will unlock 171.85 million ENA (≈ $30 million) on May 5, 2025, potentially increasing sell-side pressure֍​Crypto Tracker. Kaspa is slated to release roughly 162.35 million KAS (≈ $13 million) in early May, representing ~0.6% of its supply​CoinMarketCal. Movement (MOVE) will unlock 50 million tokens (≈ 2% of circulating supply) on May 9, 2025, which may introduce near-term volatility​Crypto-Corner. In this article, we’ll review each unlock’s specifics, assess potential price impacts, and suggest trader strategies to navigate these events.

Introduction

Token unlocks—scheduled vesting releases of previously locked coins—are pivotal tokenomics events that can alter supply dynamics, trigger selling pressure, and shape market narrative. As highlighted in our Glossary: Token Unlock, these releases often coincide with heightened volatility, making them both risk and opportunity moments for traders and investors.

In early May 2025:

  • Ethena (ENA) unlocks 171.85 M ENA (~ $30 M) on May 5​Crypto Tracker
  • Kaspa (KAS) unlocks 162.35 M KAS (~ $13 M) around May 7​CoinMarketCal
  • Movement (MOVE) unlocks 50 M MOVE (~ 2% supply) on May 9​Crypto-Corner

We’ll unpack each event’s context, review historical price behavior around past unlocks, and outline strategic playbooks for traders.

1. Major Unlocks Overview

1.1 Ethena (ENA): 171.85 M on May 5

Ethena’s upcoming unlock of 171.85 million ENA represents roughly 3.1% of its current circulating supply and is valued at ≈ $30 million at today’s prices​Crypto Tracker. Historically, ENA has faced downward pressure around unlock dates—a Chainalysis report noted that similar unlocks in April led to an 8% dip in the days following release​BanklessTimes.

1.2 Kaspa (KAS): 162.35 M in Early May

Kaspa’s fair-launched token model and blockDAG consensus underpins a linear emission schedule up to a 28.7 billionmax supply​Kaspa. The 162.35 million KAS unlock (~ 0.63% of total supply) is expected around May 7, injecting roughly $13 million into circulation​CoinMarketCal.

1.3 Movement (MOVE): 50 M on May 9

Movement (MOVE)—a governance and staking token—will unlock 50 million tokens (≈ 2.04% of circulating supply) on May 9, 2025, amounting to an estimated $7 million release based on current pricing​Crypto-Corner. Large unlocks of this size have previously caused 10–15% pullbacks in MOVE, per TradingView analyses​TradingView.

2. Potential Price Impacts

2.1 Supply-Side Pressure

Unlocks directly increase circulating supply, often leading to short-term sell-offs as vesting holders realize gains. With nearly $50 million of tokens hitting the market across these three assets, markets must absorb fresh supply—a dynamic that tends to cap rallies or provoke retracements.

2.2 Buyer Absorption & Sentiment

However, if buy-side demand—driven by new partnerships, protocol upgrades, or broader bullish momentum—meets this supply, the negative impact can be muted. For instance, Ethena’s recent Aave integration announcement buoyed bids through its April unlock, limiting the drawdown to just 5% rather than the typical 8–10%​BanklessTimes.

2.3 Historical Unlock Reactions

  • ENA’s 94 M unlock on May 2 saw a 7% dip followed by a 4% rebound within 48 hours​Crypto Tracker.
  • KAS’s previous 153 M unlock in April coincided with a 3% price pullback that reversed within a week​CoinCarp.
  • MOVE’s last 40 M unlock event triggered an 11% sell-off, recovering partially over the next few trading sessions​99Bitcoins.

3. Trader Strategies

3.1 Pre-Unlock Positioning

  • Scale In Gradually: Begin building a position 3–5 days before unlock, using limit buys at key support levels (e.g., previous unlock lows) to avoid chasing breakouts.
  • Hedge with Options: For ENA and MOVE, consider put spreads to protect against steep drops—especially if implied volatility is low leading into the event.

3.2 During Unlock

  • Monitor On-Chain Flows: Use tools like Etherscan and Kaspa Explorer to track large transfers from vesting addresses to exchanges—a leading indicator of impending sell pressure.
  • Tactical Scalps: If you’re a short-term trader, capitalize on intraday volatility by fading sharp sell-offs with tight stop-loss orders.

3.3 Post-Unlock Outlook

  • Dip-Buy on Weakness: If price dips by more than 8–10% and overall market structure remains bullish, consider buying on the retracement—historically, these tokens recover a significant portion of their losses within 1–2 weeks.
  • Re-Assess Fundamentals: Post-unlock, focus on protocol updates, TVL growth, and market sentiment before adding to positions.

4. Broader Market Implications

These unlocks come amid a backdrop of $4.4 billion in total May token releases across multiple projects—an event that could set the tone for Q2 momentum in altcoins​AInvest. As liquidity flows into or out of these assets, cross-asset correlations may shift, offering both risks and rotational opportunities.

  • Diversify Exposure: Consider rotating gains from high-unlock tokens into lower-unlock, high-growth projects in the Ecosystem Connections category.
  • Watch Macro Themes: With the Fed meeting on May 6 and potential U.S. crypto legislation on the horizon, macro factors could amplify unlock-driven price moves​Binance.

Conclusion

May’s wave of altcoin unlocks—171.9 M ENA, 162.35 M KAS, and 50 M MOVE—represents a significant test for market absorption and trader acumen. While increased supply often triggers short-term pullbacks, savvy participants can leverage historical patterns, on-chain insights, and hedging tools to navigate volatility.

Key Takeaways

  1. Advance planning is critical: position ahead of unlock dates with clear entry and exit criteria.
  2. On-chain monitoring offers a real-time edge on seller activity.
  3. Post-unlock dips can be attractive buying opportunities if fundamentals remain intact.

❓ What’s your strategy for this week’s token unlocks? Share your approach and insights in our Mitosis Discord community or in the Telegram contributors’ chat!

References

  1. Ethena (ENA) 171.85 M unlock details Crypto Tracker
  2. 3 Altcoins major unlocks (ENA, KAS, MOVE) CCN.com
  3. Kaspa 162.35 M unlock schedule CoinMarketCal
  4. Ethena price risk before unlock BanklessTimes
  5. Kaspa tokenomics & emission Kaspa
  6. Movement (MOVE) 50 M unlock insights Crypto-Corner
  7. MOVE price drop analysis 99Bitcoins
  8. MOVE unlock market impact TradingView
  9. Crypto market $4.4 B unlocks in May AInvest
  10. U.S. macro and crypto regulation preview Binance

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